Waqf has historically been viewed as a perpetual charitable institution, funding religious, educational, and social services across Muslim societies. While this charitable role remains significant, contemporary challenges such as mismanagement, asset encroachment, and weak governance limit waqf's ability to deliver long-term socio-economic impact. This paper develops a conceptual framework that repositions waqf from a charity-oriented model toward strategic asset governance, situating it as a mechanism for ethical wealth preservation. The framework highlights three interdependent pillars: governance as the structural foundation for asset preservation, accountability as the mechanism that builds trust and legitimacy, and innovation as the driver of sustainability and adaptation. Comparative evidence from Saudi Arabia, Malaysia, Indonesia, India, Pakistan, and Bangladesh illustrates both the risks of charity-centric models and the potential of governance-driven reforms. The paper contributes theoretically by linking waqf with institutional theory and intergenerational justice, while offering policy and practical implications for professionalization, transparency, and innovation in waqf management. By shifting from charity to strategic governance, waqf can evolve into a dynamic institution that not only preserves wealth ethically but also redistributes it equitably and sustainably for future generations.
Zainal et al. (Sat,) studied this question.